A first-time buyer requiring maximum leverage to purchase an off-plan, new-build flat in London and save their initial 10% deposit has been backed by Aspen Bridging.
The bridge, completed for £460,000 at 74% LTV, was for a seventh floor apartment in the Fulham Reach Development which will operate as the applicant’s inaugural but-to-let investment.
The initial rate is 0.59% per month for six months.
The case was introduced to Aspen by Andrew Thriepland at Capricorn Commercial who knew that the lender’s stepped offering and leverage would meet the client’s requirements. Leigh Haigh at Fieldfisher LLP undertook legals.
Thriepland said: “Leverage is vital for property investors, and in this particular case was essential for the applicant to secure the apartment, save their initial investment and begin their career as a property investor.
“As always Aspen, and in particular senior underwriter Prabhat Talwar who took the case from start-to-finish, immediately understood the aspiration and requirements and worked with all parties to ensure the funds were released as soon as possible.”
Ed Ahrens, managing director of Aspen Bridging, added: “To provide a first-time buyer with the required leverage in the current environment highlights the real can-do attitude of our lending criteria, but more importantly protects the investment for the applicant.”
Aspen Bridging’s rate card has a maximum LTV to 75%, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.
The lender’s Flat and Stepped Rate Products cover residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.